Hynes Industries receives tax credit

Hynes Industries receives tax credit

AUSTINTOWN

Hynes Industries, Oakwood Avenue, received a seven-year, 40 percent job-creation tax credit from the Ohio Tax Credit Authority for 42 new jobs and a potential $6.5 million expansion project.

The announcement leads to the company’s planned expansion, investment in the building and machinery, retention of 140 current workers and the creation of the new jobs over a three-year period.

The company must remain in operation at the project site on Oakwood for 10 years.

Hynes specializes in customized metal processing for a large number of service centers.

Discussion at YSU on Ohio shale boom

YOUNGSTOWN

The Williamson College of Business Administration at Youngstown State University will have the first MBA Professional Development and Networking Reception at 6 p.m. today featuring a panel discussion on Ohio’s shale boom.

The event is at Williamson Hall. The panel discussion starts at 6 p.m., and a reception follows at 7:15 p.m.

The panelists will discuss economic and job opportunities for shale in Ohio.

Housing debt still traps 10M Americans

WASHINGTON

Nearly 10 million Americans remain financially trapped by homes worth less than their mortgage debts — an enduring drag on the U.S. economy almost seven years after the housing bust triggered the Great Recession.

During the first three months of this year, 18.8 percent of homeowners with a mortgage — 9.7 million — owed more on their loans than their properties would sell for, according to online real-estate database Zillow. Though that was an improvement from the 25.4 percent figure of a year ago, the share of such “underwater” homeowners is about four times the historic average.

An additional 18.1 percent of mortgage holders were “effectively” underwater: They had equity, but the proceeds from selling their home would be too low to recoup the sales costs and also put a down payment on a new property.

US House approves $12B-plus water bill

WASHINGTON

The House passed the closest thing so far this year to an infrastructure bill — a $12 billion-plus bipartisan measure authorizing 34 water projects, ranging from flood protection in California and North Dakota to deepening the Port of Savannah and widening a Texas-Louisiana waterway that services the oil industry.

The Water Resources Reform and Development Act passed Tuesday on a 412-4 vote. Lawmakers shook off criticism from conservative and watchdog groups such as Heritage Action and Taxpayers for Common Sense that argued the bill should have done more to rein in wasteful government spending.

The Senate could vote on the bill before the end of the week, sending it to President Barack Obama for his signature.

Vindicator staff/wire reports